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Idaho posts record farm cash receipts in 2024, economist says; livestock drives growth
Summary
Brett Wilder, extension economist at the University of Idaho, told the Senate Agricultural Affairs Committee that Idaho is forecasting a new all‑time high in farm cash receipts for 2024 and highlighted livestock (milk, cattle) as major drivers amid inflationary pressures and a contracting cattle herd.
Brett Wilder, an extension economist with the University of Idaho, told the Senate Agricultural Affairs Committee that Idaho is forecasting a record $11.3 billion in farm cash receipts for 2024, with milk and cattle among the largest contributors and livestock accounting for roughly 62% of cash receipts.
“When we talk about cash receipts and where we landed at the end of 2024 we’re forecasting a new all time high at $11,300,000,000,” Wilder said during his presentation. He told members that milk receipts were forecast near $3.8 billion and cattle and calves near $2.9 billion, and he flagged chicken eggs as a growing cash‑receipt commodity, forecasting about $160 million in receipts.
Wilder placed the sector in broader economic context: agribusiness contributes about 17% of total state economic output and supports about one in nine Idaho jobs, he said. Idaho exported roughly $1.4 billion in agricultural goods in 2024, he said, and over 50% of agricultural exports go to Canada and Mexico.
Wilder also discussed inflation and input costs. He said fertilizer and pesticide expenses fell about 8% year‑over‑year, and feed and fuel costs decreased from prior highs, but interest expenses remain elevated — Idaho farmers and ranchers paid about $650 million in interest in 2024, up 61% since 2021. On an inflation‑adjusted basis, Wilder said Idaho farm cash receipts have not kept pace with nominal increases; farmers are receiving roughly the same cash at the farm level as in 2014 after adjusting for inflation.
Looking ahead, Wilder told the committee that the national cattle herd remains in contraction, which tightens supply and supports livestock receipts, but he said global geopolitics and trade policy remain key uncertainties. On poultry and eggs, he relayed industry commentary that avian influenza may now be endemic and cause ongoing supply disruptions and price volatility.
Committee members asked about the effects of tariffs and food‑manufacturing growth; Wilder said trade policy effects are being monitored and that Idaho has seen growth in food manufacturing and meat processing facilities. He offered to provide slides and a fuller follow‑up outlook to committee members.
